The wheat market closed Wednesday with 1% to 2% losses in the domestic classes. SRW futures were down by 12 ½ to 13 ¾ cents on at the close. KC HRW futures closed 7 ¾ to 11 cents lower on Wednesday. Front month spring wheat futures finished the day down by 7 ¼ to 7 ½ cents.
Coceral estimates the 2024 European (+UK) grain production at 139.4 MMT. That is a 100k MT increase from this season. Russia’s Ag Ministry reported the 2024 grain crop was 142.6 MMT, a 9.5% decrease from last season’s all-time record. Of that, Russia’s wheat crop totaled 92.77 MMT.
The weekly Export Inspections data from USDA showed 428k MT of wheat was shipped during the week that ended 12/21. That was up from 285k MT last week and was above the same week last year. HRW shipments were the largest contributor, with 142k MT, HRS added 129k MT to the total, and 38.5k MT were SRW. USDA also removed 23k MT of wheat shipments to Italy, for an updated yearly total of 9.33 MMT.
Mar 24 CBOT Wheat closed at $6.23, down 13 1/4 cents,
May 24 CBOT Wheat closed at $6.33 3/4, down 12 1/2 cents,
Mar 24 KCBT Wheat closed at $6.35, down 7 3/4 cents,
Mar 24 MGEX Wheat closed at $7.21 3/4, down 7 1/2 cents,
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